The government has formally transferred the business operations of the Central Directorate of National Savings (CDNS) from the Budget Wing to the Debt Management Office (DMO) under the Finance Division, with immediate effect.
The implementation of the decision will apply from last month, according to a notification issued by the Ministry of Finance.
Previously, CDNS operated under the Budget Wing of the Finance Ministry. Under the new arrangement, its policy, operational, and administrative functions have been placed under the Debt Management Office.
The decision was taken on the recommendations of a committee formed by the Finance Minister and headed by the Advisor to the Finance Minister on Debt, which reviewed the overall operations of CDNS.
According to the Ministry of Finance, the restructuring aims to improve the efficiency and effectiveness of the National Savings system.
The Budget Wing is primarily responsible for preparing the annual federal budget and managing expenditures, while the Debt Management Office handles the management of government debt.
Through National Savings schemes, the government mobilizes public savings, collecting funds via various investment and savings instruments.
The notification states that the change has been approved by the Finance Secretary, and relevant sections may update job descriptions in consultation with concerned departments.
Meaning they don’t want to raise interest rates but at the same time they have no choice anymore.
The finance minister is under huge pressure since he doesn’t want his rich buddies to be unable to get debt. Now they are being forced to put taxes on the richest
If it is in the benifit of SENIOR CITIZENS/AWAM than it is good, senior citizens are already suffering.
They never think about senior citizen or citizen of Pakistan. Profit are decreased totally in the favor of or on the advise of business man, property investors.
As per unemployment, uncontrollable price of everything’s which are going out of reach of public and petrol/ diesel price, profits rate are to increase not decrease. As per current situation it should be more than 20% . CDNSC Should think seriously and must be increased.
Being your client, I would like to request management to provide printed copy to their clients at time of profit distribution. We invest millions, but NO one bothers to deliver print out to their valued customers. Kindly issue a circular on this issue to all branches of National savings.
Reasons of transferring the service of NSC is not well known but given under DEBIT department means you are planning to eat investors money to clear your debit. It needs more clarificatio.